Soros Fund Management LLC held its position in Credit Acceptance Corporation (NASDAQ:CACC) during the first quarter, Holdings Channel reports. The fund owned 46,500 shares of the credit services provider’s stock at the end of the first quarter. Soros Fund Management LLC’s holdings in Credit Acceptance Corporation were worth $9,273,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. increased its position in Credit Acceptance Corporation by 46.1% in the first quarter. Russell Investments Group Ltd. now owns 732 shares of the credit services provider’s stock worth $146,000 after buying an additional 231 shares in the last quarter. Oppenheimer Asset Management Inc. acquired a new position in Credit Acceptance Corporation during the first quarter valued at approximately $177,000. Karp Capital Management Corp acquired a new position in Credit Acceptance Corporation during the first quarter valued at approximately $244,000. Rafferty Asset Management LLC acquired a new position in Credit Acceptance Corporation during the first quarter valued at approximately $299,000. Finally, Janney Montgomery Scott LLC increased its position in Credit Acceptance Corporation by 35.9% in the first quarter. Janney Montgomery Scott LLC now owns 1,560 shares of the credit services provider’s stock valued at $311,000 after buying an additional 412 shares during the period. 72.08% of the stock is owned by hedge funds and other institutional investors.
Credit Acceptance Corporation (NASDAQ:CACC) traded up 0.79% on Friday, reaching $239.05. 302,455 shares of the company traded hands. The stock has a market capitalization of $4.71 billion, a price-to-earnings ratio of 13.75 and a beta of 0.52. The stock’s 50-day moving average is $220.17 and its 200-day moving average is $206.56. Credit Acceptance Corporation has a 1-year low of $160.63 and a 1-year high of $243.86.
Credit Acceptance Corporation (NASDAQ:CACC) last issued its earnings results on Monday, May 1st. The credit services provider reported $4.67 earnings per share for the quarter, topping the Zacks’ consensus estimate of $4.38 by $0.29. The firm had revenue of $262.80 million during the quarter, compared to analyst estimates of $259.24 million. Credit Acceptance Corporation had a net margin of 35.03% and a return on equity of 32.36%. Equities research analysts expect that Credit Acceptance Corporation will post $18.74 EPS for the current year.
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Several research analysts recently commented on the stock. BMO Capital Markets reaffirmed a “hold” rating and issued a $212.00 price objective on shares of Credit Acceptance Corporation in a report on Tuesday, April 11th. Janney Montgomery Scott raised shares of Credit Acceptance Corporation from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $187.00 to $200.00 in a report on Tuesday, May 2nd. Credit Suisse Group reaffirmed a “hold” rating and issued a $190.00 price objective on shares of Credit Acceptance Corporation in a report on Friday, April 7th. Zacks Investment Research raised shares of Credit Acceptance Corporation from a “hold” rating to a “strong-buy” rating and set a $248.00 price objective for the company in a report on Thursday, May 4th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $215.00 price objective on shares of Credit Acceptance Corporation in a report on Friday, April 7th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $205.63.
In related news, President Steven M. Jones sold 65,000 shares of the company’s stock in a transaction on Wednesday, May 3rd. The shares were sold at an average price of $214.15, for a total transaction of $13,919,750.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Jill Foss Watson sold 4,947 shares of the company’s stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $225.63, for a total transaction of $1,116,191.61. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 851,659 shares of company stock worth $178,413,724. 5.80% of the stock is owned by insiders.
About Credit Acceptance Corporation
Credit Acceptance Corporation offers financing programs that enable automobile dealers to sell vehicles to consumers. The Company’s financing programs are offered through a network of automobile dealers. The Company has two Dealers financing programs: the Portfolio Program and the Purchase Program. Under the Portfolio Program, the Company advances money to dealers (Dealer Loan) in exchange for the right to service the underlying consumer loans.
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